2022全球IPO观察_英文版_-普华永道_22页_3mb

Global IPO Watch Summary - 2022

Core Content

2022 was a challenging year for global IPO markets, marked by inflation, tightening monetary policies, geopolitical tensions, and lockdowns in Mainland China. The year saw a significant decline in IPO proceeds, with the lowest since 2016, largely due to reduced activity in the US and Europe. Mainland China and the Middle East emerged as the only bright spots, with China leading global IPO activity and the Middle East continuing its privatization and IPO boom.

Main Points

Global Market Performance

• Global equities struggled in 2022 due to macroeconomic challenges, including inflation, central bank policies, and geopolitical events.
• Major global indices recorded double-digit losses, with the S&P 500 down 19%, Stoxx 600 down 13%, and the Shanghai index down 15%.
• The energy sector was the only one to deliver positive returns, up 41% for the year.

IPO Activity

• Global IPO proceeds were down more than 70% compared to 2021, with 1,154 deals raising $173bn.
• Mainland China led the way with 39% of global IPO proceeds, reaching $68bn, overtaking the US for the first time since 2010.
• The US IPO market was virtually closed, with only 93 traditional IPOs, of which only 19 raised over $100m.
• Europe saw a significant decline in IPO activity, with the exception of the landmark Porsche IPO in Germany, which accounted for two-thirds of European proceeds.
• Middle East experienced a boom in IPOs, driven by regional privatization strategies and government-led initiatives.

Sector Performance

• Computers & Electronics accounted for 23% of global IPO proceeds, with most activity in Mainland China.
• Auto/Truck was the second-largest sector, with $23bn in proceeds, led by LG Energy Solution and Porsche AG.
• Finance was the third-largest sector, with $17bn of proceeds, largely from SPACs.

Post-IPO Performance

• 56% of Asia-Pacific IPOs outperformed the MSCI World Index, compared to 55% in the Americas and 47% in EMEA.
• Jinko Solar Co Ltd in Mainland China raised $16bn and saw a nearly 200% increase in share price.

Follow-On Offerings (FOs)

• Global FO proceeds were lower than previous years, with the US and Mainland China accounting for half of all FO proceeds.
• FOs by sector included Finance ($58bn), Computers & Electronics ($44bn), and Healthcare ($41bn).
• Top FOs included EDF ($3.5bn), Monte dei Paschi ($2.5bn), and Credit Suisse ($2.4bn).

Outlook for 2023

• The IPO market in the US and Europe is expected to open in H2 2023, contingent on inflation control and a potential soft landing.
• A flight to quality is anticipated, with investors prioritizing companies that demonstrate profitability or a clear path to it.
• SPAC activity is expected to continue to decline, with many SPACs unable to complete mergers due to high redemption volumes and challenging PIPE and debt markets.
• Mainland China is expected to maintain its momentum, with a focus on the energy transition and continued support for science and technology firms.

Regional Highlights

Americas

• The US had the lowest IPO proceeds since 2008, with only $24bn raised from 93 deals.
• South Korea and Germany were notable for their IPO activity, with LG Energy Solution and Porsche AG leading the way.
• FOs were dominated by the Finance, Computers & Electronics, and Healthcare sectors.

EMEA

• European IPO activity dropped almost 80% compared to 2021, with the Porsche IPO being the exception.
• Middle East continued its IPO boom, with significant proceeds from state-owned entities and private companies.
• FOs in EMEA included major deals from France, Italy, and Switzerland, with the Energy and Finance sectors leading.

Asia-Pacific

• Mainland China had a record year for IPOs, with $38bn raised on the Shanghai exchange and $30bn on the Shenzhen exchange.
• Return listings of Chinese mega companies, such as China Mobile and CNOOC, were notable, though concerns over US regulations may impact future flows.
• Asia-Pacific as a whole showed resilience against global macroeconomic headwinds, with South Korea, Hong Kong, India, and Thailand contributing significantly.

Key Information

• IPO proceeds in 2022 were the lowest since 2016, with only the energy and commodity-heavy FTSE 100 index showing positive returns.

• SPAC activity declined significantly, with 147 SPACs raising $17bn globally, down from $172bn in 2021.

• IPOs by territory:

  • Mainland China: 39% of global proceeds
  • US: 13% of global proceeds
  • Middle East: significant contribution to EMEA IPO proceeds
  • South Korea and Germany: top contributors in the Americas

• FOs by territory:

  • US: $98bn
  • Mainland China: $79bn
  • Australia and Singapore: notable FO proceeds

• IPO and FO data is sourced from Dealogic and supplemented with PwC analysis, with a minimum transaction threshold of $5 million.

Contacts

• Stuart Newman: PwC Global IPO Centre Leader – PwC UK
• David Ethridge: IPO Services Co-Leader – PwC US
• Michael Wisson: Partner, Capital Markets – PwC UK
• Michael Bellin: IPO Services Co-Leader – PwC US
• Nadja Picard: PwC Europe Capital Markets Leader – PwC Germany
• Brian Choi: Capital Markets and Accounting Advisory Services Leader – PwC China
• Muhammad Hassan: Capital Markets Leader – PwC Middle East
• Edmond Chan: Hong Kong Capital Market Leader – PwC Hong Kong